BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Taubman Centers, Inc. (NYSE:TCO) (the “Company”) today announced that, based on the advice of its proxy solicitor, it believes that shareholders voted to elect all of Taubman’s director nominees – Robert S. Taubman, Cia Buckley Marakovits and Myron E. Ullman III – to the Taubman Board of Directors at the Company's 2017 Annual Meeting of Shareholders held earlier today.
As previously announced, the Taubman Board has committed to transitioning to annual elections for directors and pursuing accelerated Board refreshment no later than the 2018 Annual Meeting. The Company looks forward to continuing meaningful engagement with shareholders as part of its ongoing commitment to further enhancing the Company’s corporate governance.
Commenting on the preliminary results, the Company issued the following statement:
On behalf of Taubman’s entire Board and management team, we sincerely thank our shareholders for their support and valuable feedback throughout this process. Our Board and management team value the open dialogue and input we have received from our shareholders, and we look forward to continuing to engage with investors in our ongoing efforts to deliver superior long-term shareholder value.
We are gratified to have the support of Taubman’s shareholders and will continue to focus on executing the right strategies for building on our long track-record of success. Under the leadership of our Board and management team, Taubman has assembled an exceptional portfolio comprising some of the best assets in the industry and has delivered superior returns to shareholders. We are confident that our directors will continue to be instrumental in guiding the Company and management as we continue to execute Taubman’s proven strategy to drive growth and create value for all Taubman shareholders.
The preliminary results provided by the Company’s proxy solicitor also indicate that shareholders approved all other proposals considered at the Company’s 2017 Annual Meeting, including the ratification of KPMG LLP as Taubman’s independent registered public accounting firm for 2017, the advisory approval of the compensation of Taubman’s named executive officers, and the advisory approval of advisory votes for named executive officer compensation on an annual basis.
The Company will file the preliminary voting results as tabulated by the independent Inspector of Elections on a Form 8-K with the Securities and Exchange Commission within four business days and will file the Inspector’s final certified vote report with the Securities and Exchange Commission on a Form 8-K as soon as practicable.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this document that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this document are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; the loss of key management personnel; shareholder activism costs and related business disruptions; maintaining our status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on our operations; and changes in global, national, regional and/or local economic and geopolitical climates. You should review our filings with the Securities and Exchange Commission, including “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports, for a discussion of such risks and uncertainties.
This document may also include disclosures regarding, but not limited to, estimated future earnings assumptions and estimated project costs and stabilized returns for centers under development and redevelopment which are subject to adjustment as a result of certain factors that may not be under the direct control of the company. Refer to our filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for other risk factors.